While the price of gold is always in flux, one thing that can be counted on is that the general value is always rising. With precious metals such as gold, there are always buyers. Frequently hard times accompany a rise in the price of gold. In this article we will discuss ways to make money trading gold.
Get several opinions about the value of your gold piece before you put it up for sale. From pawn shops to jewelry stores, each location will charge a different premium on gold. When you seek more than one estimate, a fair price is going to be more attainable.
Gold bullion bars are great investments. They come in weights that vary. They range from just under an ounce on up to 400 ounces. A heavier bar may be more difficult to find, however.
Before you buy gold, be sure you know exactly when it will be delivered to you. If the person selling you the gold does not deliver the product right away, it is necessary for you to obtain a written estimate of when your items should arrive. You should have the date of delivery clearly listed. Don’t buy without such a contract.
If you have no idea what your gold might be worth, than an appraisal is a good idea. The up front cost is significant, but it can give you a better estimate of value. Use a licensed appraiser only. If you choose to sell your piece, know that you probably are not going to get the full appraisal amount.
Whenever you’re looking at selling scrap jewelry or gold it is best to explore many different companies to know the offers are legitimate. While spot pricing is the national standard, most stores don’t honor it. Stores which are not centrally located may be able to give you a better price.
When selling any gold, you have to decide if it will be as jewelry or for its melt value. You may get more if you can wait to sell it to a buyer who values it as a beautiful piece of jewelry. Don’t get discouraged if you are looking to sell jewelry, as buyers are still out there.
Sell only to gold buyers who are licensed by the state. A buyer who is licensed is likelier to be legitimate. There are a lot of stores and individuals that will buy gold, so don’t feel like you have to sell to the first person you come across.
Know the true value of your gold. Just because something looks like gold, that doesn’t mean it’s worth the full weight in gold. Usually other metals are combined with gold to provide more strength. That can make it less valuable. Items that are just plated in gold can also be affected. If don’t know what you’ve got, have it appraised before you sell it.
A quick and inexpensive way to test a piece of gold or precious metal to see if it is real, is by using a magnet. Real precious metals do not stick to magnets. Sometimes the clasp of a piece is solid, however the rest will be plated. This method is good test for that.
A lot of times, earring backs are gold, even when the earrings themselves are not. Necklace clasps and ring bands often are too. Those odd pieces should be sold as one lot, as they weigh so little on their own. Selling lightweight gold in a lot will increase your chances of selling them.
Gold is what keeps the economy afloat. You can take advantage of this precious commodity as long as you understand it. Be sure to keep the advice in this article in mind in order to get on the right path with gold investing.